Weekly Manhattan & Brooklyn Market: 10/31

Week of 10/31/2022

JUMBO mortgage rates are higher by +114% YTD and ^GSPC (the S&P 500 index) is down by –19% YTD, yet contract volume remains at or above its average level for the 5-year period preceding the pandemic. This week, specifically, the Manhattan, Brooklyn and Queens aggregate contract volume was +18% higher than that historical average.

Despite the world throwing everything but the kitchen sink at NYC’s residential real estate market (and the kitchen sink, too, would have been thrown had Elon Musk not been holding it hostage at Twitter’s headquarters), it is not only alive and well, but outperforming its pre-COVID self. Let that sink in (pun intended).

Manhattan Supply decreased modestly this week to 7,665 units as 330 new listings came to market, –16% less than last week, –20% less than the same week last year and +11% more than the same week in 2019.

Brooklyn Supply held steady this week at 3,517 units for sale, despite a 10% increase of new listings coming to market. Of course, this means that more contracts were signed this week than last. Those 192 new listings are –13% lower than the same week last year and +48% higher than the same week in 2019.

Manhattan Pending Sales decreased slightly again this week to 2,678, the lowest level since January 8, 2021.

Brooklyn Pending Sales decreased again by 2% to 1,931, and are lower by –30% from this time last year.

Manhattan Contracts Signed — 167 contracts were signed this week, significantly less than last week, this time last year, the same week in 2019 and the average of the 5-year period that preceded the pandemic.

Brooklyn Contracts Signed — 129 contracts were signed this week, a +9% increase over last week, a +51% increase from the same week in 2019 and an approximately +100% increase compared to the average of the 5-year period preceding the pandemic.

New Development Insights

As reported by Marketproof, this week, 34 new development contracts were reported across 29 buildings. The following were the top selling new developments of the week:

• Greenwich West in Hudson Square
• The Huxley in East Harlem
• The North in Williamsburg
• One Wall Street in the Financial District

Please contact me if you would like to learn more about these, or other new developments.

We will continue sharing the Elegran Insights data analysis with you every week.